TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement TPCC Annual Report 2008.indd - HeidelbergCement
Tanzania Portland Cement Company Ltd, Annual Report 2008 Chairman’s review The year 2008 has been a challenging and eventful year for Tanzania Portland Cement Company Ltd (TPCC). Overall, the year has been characterized by continued growth in demand, start of cement production from our new production line, and strong financial performance. TPCC Operation Cement production and sales reached another all time high in 2008; up about 4% compared to the year before. Demand for cement continued to grow throughout the East African region; although at a slower rate than in 2007. Like in 2007, the first part of 2008 saw regional capacity put under pressure by high demand. The sup- ply situation in Tanzania eased in the 4th quarter of the year as TPCC’s new cement grinding plant came on line, effectively doubling our capacity. TPCC continued to give full priority to the local market. TPCC Financial performance Turnover increased by 24% compared to 2007, while we saw an increase in operating profit of 18%. Net result af- ter tax ended at 35 billion Tanzanian Shillings (TZS), 16% above the previous year’s level. For most of 2008 we experienced accelerating price increases on local and imported production inputs. This, coupled with the need for large volumes of imported clinker, combined to push up our cost of sales TPCC Corporate Citizenship The Company remains committed to the principles of good corporate governance and Citizenship. We recognize and accept our responsibility to work with our various stake holders, including the government, to foster sustain- able economic growth, a safe work environment, pro- vide adequate employee welfare, and deliver acceptable returns to our shareholders. TPCC, and the Tanzanian cement industry as a whole, makes significant contributions to the Tanzanian economy 4 through government taxes, employment, technology im- provements, international business standards, community development programs, and by performing its core activ- ity: making available cement for building the country. TPCC Prospects The world economy is in deep recession and we are fac- ing a period of great uncertainty also for the East African economies. We expect the global downturn to impact negatively on local and regional demands for building materials, including cement. The construction of TPCC’s new production line, however, has put us in a unique position to weather more difficult market conditions as well as taking advantage of potential market opportunities. After successful start-up of cement mill and packing plant in 2008, we are now in the process of commissioning the new kiln, making TPCC independ- ent of importing clinker. TPCC Share value The TPCC share price closed the year at 1,600 TZS, valu- ing the company at about 288 billion TZS. This is 40% up compared to 2007 closing price (1,140 TZS/share). The number of share holders at the end of 2008 was about 11,500. TPCC Dividend The Board proposes a dividend for 2008 of TZS 70 per share. This is an increase of 63% compared to the 2007 dividend (TZS 43 per share) and represents 36% of the net profit for the year.
Maelezo mafupi ya Mwenyekiti Tanzania Portland Cement Company Ltd, Annual Report 2008 Mwaka 2008 ulikuwa wenye changamoto nyingi na pia wenye mafanikio makubwa kwa Kampuni ya Saruji Tanzania (TPCC). Kwa ujumla, katika mwaka huu, tulishuhudia muendelezo wa ukuaji wa soko la saruji, kuanza kwa uzalishaji kutoka kwenye kiwanda kipya sanjari na mafanikio makubwa kifedha. Hali ya Uzalishaji na Mauzo Uzalishaji na mauzo ya saruji katika mwaka 2008 yalikuwa makubwa kuliko wakati wowote katika historia ya Kampu- ni ambapo kulikuwa na ongezeko la asilimia 4 ikilinganish- wa na mwaka uliotangulia. Soko la saruji liliendelea kukua katika ukanda mzima wa Afrika Mashariki ingawa kasi ya ukuaji ilikuwa chini kidogo ukilinganisha na mwaka 2007. Katika nusu ya kwanza ya mwaka 2008, mahitaji ya saruji katika eneo lote la Afrika Mashariki yalikuwa makubwa kuliko uwezo wa uzalishaji, hali ambayo inafanana na ile iliyokuwepo mwaka 2007. Hata hivyo, hali ya upatikanaji wa saruji nchini Tanzania ilianza kuwa nafuu baada ya kinu kipya na.4 kuanza uzalishaji katika robo-mwaka ya mwisho ya 2008 na kufanya uwezo wa uzalishaji wa TPCC kuwa maradufu ikilinganishwa na uwezo wa awali. Kam- puni iliendelea kutoa kipaumbele katika kutosheleza soko la ndani ya nchi. Utendaji kifedha Mauzo yaliongezeka kwa aslimia 24 ikilinganishwa na mauzo ya mwaka 2007 ingawa faida kabla ya gharama za kifedha na kodi iliongezeka kwa asilimia 18 tu. Faida baada ya kodi ya mapato ilifikia TZS.35 bilioni ikiwa ni juu kwa asilimia 16 ikilinganishwa na faida ya mwaka uliotan- gulia. Bei za mahitaji yanayopatikana nchini na yale yanayo- agizwa kutoka nje ziliongezeka kwa kasi kubwa katika mwaka huu. Pia, uzinduzi wa mtambo mpya kusaga na kupakia saruji uliongeza mahitaji ya malighafi (clinker) kutoka nje ya nchi na kusababisha ongezeko la gharama za uzalishaji. Uraia Mwema Kampuni inaamini katika kuendesha shughuli zake kwa misingi ya uwajibikaji, utawala bora na uraia mwema. Tu- natambua na kukubali wajibu wa kutekekeleza majukumu yetu kwa kushirikiana na wadau mbalimbali ikiwemo Seri- kali, katika ukuaji endelevu wa uchumi wa nchi, kuweka mazingira mazuri na salama ya sehemu za kazi, kuboresha maslahi ya wafanyakazi na kuwapa kipato cha kuridhisha wamiliki (wenye-hisa) wa Kampuni TPCC na sekta nzima ya uzalishaji saruji hutoa mchango mkubwa kwenye uchumi wa nchi kwa kulipa kodi sta- hiki, kuleta ajira, kuboresha technolojia, kushiriki katika mipango mbalimbali ya maendeleo ya jamii na kufanya shughuli mama ya uzalishaji wa saruji inayohitajika katika shughuli za ujenzi nchini. Matarajio Kuparaganyika kwa mifumo ya uchumi duniani kumeu- weka uchumi wa nchi za Afrika Mashariki katika wakati mgumu na mashaka makubwa pia. Tunadhani kwamba kushuka kwa hali ya uchumi duniani kutaathiri sekta nzima ya ujenzi hapa nchini na nchi jirani, yakiwemo mahitaji ya saruji. Hata hivyo, ujenzi wa kiwanda kipya unaiweka TPCC katika hali nzuri kiushindani katika kukabiliana na hali ngumu soko inayotarajiwa kujitokeza. Baada ya kufanikiwa kuzindua kinu kipya na mtambo wa upakiaji mwishoni mwa mwaka 2008, Kampuni sasa iko kwenye mchakato wa uzinduzi wa tanuru jipya. Mafanikio ya uzinduzi huu yataiweka TPCC katika hali ya kutohitaji kuagiza malighafi (clinker) kutoka nje na hatimaye kuleta nafuu ya gharama za uzalishaji. Thamani ya Hisa katika Soko Bei ya hisa moja ya TPCC katika soko ilikuwa TZS 1,600 mwishoni mwa mwaka 2008 na hivyo kufanya thamani ya Kampuni kuwa TZS 288 bilioni. Thamani hii ni ongezeko la asilimia 40 juu ya thamani iliyokuwepo mwishoni mwa mwaka 2007 wakati bei ya hisa moja ilikuwa TZS. 1,140. Kampuni ilikuwa na wamiliki wa hisa kama 11,500 mwis- honi mwa mwaka 2008. Gawio Bodi inapendekeza gawio la TZS 70 kwa hisa kwa mwaka 2008 ikilinganishwa na gawio la TZS 43 kwa hisa kwa mwaka 2007 ambalo ni ongezeko la asilia 63. pendekezo hili la gawio ni sawa na asilimia 36 ya faida yote ya mwaka baada ya kodi ya mapato. 5
- Page 1 and 2: Tanzania Portland Cement Company Li
- Page 3 and 4: Table of contents Tanzania Portland
- Page 5: Kwa Wanahisa, TANZANIA PORTLAND CEM
- Page 9 and 10: Administrative costs were affected
- Page 11 and 12: kutokana na uagizaji wa klinka kuto
- Page 13 and 14: Mradi wa Upanuzi Mradi wa upanuzi w
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- Page 19 and 20: Taarifa Muhimu za Kampuni Eneo la s
- Page 21 and 22: Directors’ remuneration Tanzania
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- Page 25 and 26: Malipo kwa Wakurugenzi Tanzania Por
- Page 27 and 28: Walemavu Tanzania Portland Cement C
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- Page 31 and 32: Balance sheet Tanzania Portland Cem
- Page 33 and 34: Cash flow statement Tanzania Portla
- Page 35 and 36: IFRS 8 Operating Segments Tanzania
- Page 37 and 38: Revenue recognition Tanzania Portla
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- Page 47 and 48: IFRIC 16 Hedges of a Net Investment
- Page 49 and 50: 13. Administrative expenses Tanzani
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- Page 53 and 54: 25. Other borrowings Tanzania Portl
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Tanzania Portland Cement Company Ltd, <strong>Annual</strong> <strong>Report</strong> 2008<br />
Chairman’s review<br />
The year 2008 has been a challenging and eventful year for Tanzania Portland Cement Company Ltd (<strong>TPCC</strong>). Overall,<br />
the year has been characterized by continued growth in demand, start of cement production from our new production<br />
line, and strong financial performance.<br />
<strong>TPCC</strong> Operation<br />
Cement production and sales reached another all time<br />
high in 2008; up about 4% compared to the year before.<br />
Demand for cement continued to grow throughout the<br />
East African region; although at a slower rate than in<br />
2007. Like in 2007, the first part of 2008 saw regional<br />
capacity put under pressure by high demand. The sup-<br />
ply situation in Tanzania eased in the 4th quarter of the<br />
year as <strong>TPCC</strong>’s new cement grinding plant came on line,<br />
effectively doubling our capacity. <strong>TPCC</strong> continued to give<br />
full priority to the local market.<br />
<strong>TPCC</strong> Financial performance<br />
Turnover increased by 24% compared to 2007, while we<br />
saw an increase in operating profit of 18%. Net result af-<br />
ter tax ended at 35 billion Tanzanian Shillings (TZS), 16%<br />
above the previous year’s level.<br />
For most of 2008 we experienced accelerating price<br />
increases on local and imported production inputs. This,<br />
coupled with the need for large volumes of imported<br />
clinker, combined to push up our cost of sales<br />
<strong>TPCC</strong> Corporate Citizenship<br />
The Company remains committed to the principles of<br />
good corporate governance and Citizenship. We recognize<br />
and accept our responsibility to work with our various<br />
stake holders, including the government, to foster sustain-<br />
able economic growth, a safe work environment, pro-<br />
vide adequate employee welfare, and deliver acceptable<br />
returns to our shareholders.<br />
<strong>TPCC</strong>, and the Tanzanian cement industry as a whole,<br />
makes significant contributions to the Tanzanian economy<br />
4<br />
through government taxes, employment, technology im-<br />
provements, international business standards, community<br />
development programs, and by performing its core activ-<br />
ity: making available cement for building the country.<br />
<strong>TPCC</strong> Prospects<br />
The world economy is in deep recession and we are fac-<br />
ing a period of great uncertainty also for the East African<br />
economies. We expect the global downturn to impact<br />
negatively on local and regional demands for building<br />
materials, including cement.<br />
The construction of <strong>TPCC</strong>’s new production line, however,<br />
has put us in a unique position to weather more difficult<br />
market conditions as well as taking advantage of potential<br />
market opportunities. After successful start-up of cement<br />
mill and packing plant in 2008, we are now in the process<br />
of commissioning the new kiln, making <strong>TPCC</strong> independ-<br />
ent of importing clinker.<br />
<strong>TPCC</strong> Share value<br />
The <strong>TPCC</strong> share price closed the year at 1,600 TZS, valu-<br />
ing the company at about 288 billion TZS. This is 40% up<br />
compared to 2007 closing price (1,140 TZS/share). The<br />
number of share holders at the end of 2008 was about<br />
11,500.<br />
<strong>TPCC</strong> Dividend<br />
The Board proposes a dividend for 2008 of TZS 70 per<br />
share. This is an increase of 63% compared to the 2007<br />
dividend (TZS 43 per share) and represents 36% of the<br />
net profit for the year.
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